Slobodan Drvenica
Windsor Brokers
The Euro is firmer on Thursday and holding around 1.0770 after 1.0700 support zone contained pullback.
Wednesday’s bullish close sidelined immediate downside risk, but price remains within 1.0700/1.0800 congestion ahead of ECB, due later today.
Near-term studies are bullishly aligned, while daily technicals are in mixed mode.
Break of initial 1.0700/1.0800 range is needed to signal near-term direction.
Above 1.0800 would attract 1.0900 zone (50% retracement of 1.1298/1.0504 fall/55SMA), possibly 1.1000 (Fibo 61.8%) in extension.
On the other side, loss of 1.0700 handle would weaken near-term structure and risk fresh weakness towards 1.0650/15 initially.
The ECB is expected to stay unchanged and extend QE program.
Res: 1.0795; 1.0807; 1.0849; 1.0900
Sup: 1.0747; 1.0700; 1.0649; 1.0615
Interested in EUR/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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